Prices of New Homes Gain in San Francisco, Sales Fall According to Latest Data
Posted on: Dec 06, 2013 07:42:10 AM
In the San Francisco, CA market, closings of new homes fell year-over-year in September, and the percentage decline, which was steeper than August 2013, gave signals that the market may be worsening. There was a 31.9% decline in new home closings from a year earlier. This was after the housing market saw a 23.4% decline year-over-year in August.
A total of 3,470 new homes were sold during the 12 months that ended in September, down from 3,580 for the year that ended in August.
New home closings represented 5.5% of overall housing closings. This is a fall 7.1% of closings a year earlier. For new and existing homes, closings dropped in September after also declining in August year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 28.8% boost year-over-year to $821,386 per unit in September. This surge is higher than the 5.9% bump in August year-over-year.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. In September 2013, the average mortgage size on newly sold homes saw a 23.4% boost from a year earlier. In August 2013, average mortgage size rose 11.6% from a year earlier.